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What are the duties of the final accounts department in an organisation?
Wiki User
∙ 9y ago
The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
Wiki User
∙ 9y ago
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Where do you put loan interest and bank overdraft in final accounts junior cert?
interest on bank overdraft.
How does production department and finance department work together give an example?
Corporations all have different approaches regarding the communications between production, finance and the accounting departments. Generally speaking, should top level management decides to increase production of a particular product, they will consult the production department as to the feasibility of this task. Assuming that production has the necessary assets to follow top management's decision, the production department will inform the finance department and or Accounting department as to the new costs of implementing the increased production. The finance department can determine if there is cash on hand to carry this out or whether the company's credit line will have to be utilized to provide the funds. Accounting plays a role as this department can speak about the anticipated accounts receivables. Once the three departments can reach a consensus on the costs of increased production & how it will be financed, they will report this information to top management for their final decision.
If my Loan application has been accepted by the underwriting department have i got the loan?
If the loan application has been accepted by the underwriting department, it usually means you have been approved for a loan. Until the paperwork is signed, a loan offer is not final.
Who has the final approval authority for equipment request?
The director or president of a company or institution has the final approval authority for equipment requests. It would be the responsibility of a specific department to ascertain the equipment that is needed and relay this information to their immediate boss.
What is the main purpose of producing a trial balance?
In the accounting process there will be various & those transactions will be journalised,posted in ledgers than according to the clasifications, after that balancing of ledger accounts will be made. After the end of the process before preparing Final accounts it is the duty of the accountant to satisfy him self about the correctness of the posting amounts and the balances. To know the arthimatical accuracy of the accounts the accountant will prepare Trial Balance which will help him to check the accuracy of the the accounts Biraj Joshi Nepal 0977-9849824360
What are the characteristics of final accounts?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
What are characteristics of final account?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
What is matching concept?
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
What is the proforma for final accounts?
Trial balance
What role did the church play in the final split between the east and west?
they had certain duties they had certain duties
Where does import duties go in the final account?
expenses a/c..
What is preliminary expenses in final accounts?
It is deffered cost
How do you treat interest on debentures in final accounts?
is it a liability
How do you treat debenture interest in final accounts?
is it a liability
Where does general reserve appears in final accounts?
Asset side
What is the explanation for the liquidator's final statement of accounts?
The liquidator's final statement of account is the account of winding up.
Is trial balance prepared before preparation of final accounts?
yes
